Company Coverage
Frasers Centrepoint Trust (FCT SP): Benefitting From Population And Job Growth In North Region
BUY (Maintained)
Current price:
Target price:
Upside:
S$2.08
S$2.93
+43.8%
Analyst
Highlights
- URA’s master plan would create vibrancy for the catchment area around Causeway Point. Woodlands Regional Centre, which includes Woodlands Gateway located right next to the Woodlands North MRT and RTS Link stations, would create 100,000 jobs. The residential population in the north region is expected to increase by 150,000-160,000 or 25-27% over the next 10-15 years.
- The launch of RTS Link has been delayed to Feb 27. According to CBRE, retail sales leakage from Singapore to Johor Bahru is estimated to increase from the current 3-4% to 5% by 2032. The additional leakage arising from the RTS Link is estimated at just 1-2ppt.
- The sell-down for S-REITs was indiscriminate. Even Singapore-centric FCT corrected 9% from its recent peak of S$2.28 in Jul 26. Re-iterate BUY due to its attractive FY27 DPU yield of 6.3%. Target price: S$2.93.
Analysis
- During the latest National Day Rally on 17 Aug 26, PM Lawrence Wong, who is also the Member of Parliament for Marsiling-Yew Tee GRC, devoted a significant portion of his speech on the Urban Redevelopment Authority’s (URA) master plan to develop the north region of Singapore, focusing on Woodlands, Sembawang and Kranji, over the next 10-15 years. In his words, the north region is no longer “ulu” – a Malay word meaning remote.
- North region a gateway to JS SEZ. Woodlands Regional Centre would create 100,000 jobs with 100ha of land earmarked for future development. A key initiative is Woodlands Gateway, a district spanning 35ha with 2.2m sf of flexible industrial and office spaces designed to support companies combining manufacturing operations in Johor with regional HQ and other functions in Singapore. The district also includes lifestyle amenities and a transport hub connected to Woodlands North MRT and the Johor Bahru-Singapore RTS Link, helping businesses capitalise on the Johor-Singapore Special Economic Zone (JS SEZ). Taiwanese technology group FIC Global has committed to opening its regional innovation and supply chain centre in Woodlands Gateway, while maintaining its manufacturing base in Johor. The first phase of Woodlands Gateway is expected to complete in 2030.
Highlights
- URA’s master plan would create vibrancy for the catchment area around Causeway Point. Woodlands Regional Centre, which includes Woodlands Gateway located right next to the Woodlands North MRT and RTS Link stations, would create 100,000 jobs. The residential population in the north region is expected to increase by 150,000-160,000 or 25-27% over the next 10-15 years.
- The launch of RTS Link has been delayed to Feb 27. According to CBRE, retail sales leakage from Singapore to Johor Bahru is estimated to increase from the current 3-4% to 5% by 2032. The additional leakage arising from the RTS Link is estimated at just 1-2ppt.
- The sell-down for S-REITs was indiscriminate. Even Singapore-centric FCT corrected 9% from its recent peak of S$2.28 in Jul 26. Re-iterate BUY due to its attractive FY27 DPU yield of 6.3%. Target price: S$2.93.
Analysis
- During the latest National Day Rally on 17 Aug 26, PM Lawrence Wong, who is also the Member of Parliament for Marsiling-Yew Tee GRC, devoted a significant portion of his speech on the Urban Redevelopment Authority’s (URA) master plan to develop the north region of Singapore, focusing on Woodlands, Sembawang and Kranji, over the next 10-15 years. In his words, the north region is no longer “ulu” – a Malay word meaning remote.
- North region a gateway to JS SEZ. Woodlands Regional Centre would create 100,000 jobs with 100ha of land earmarked for future development. A key initiative is Woodlands Gateway, a district spanning 35ha with 2.2m sf of flexible industrial and office spaces designed to support companies combining manufacturing operations in Johor with regional HQ and other functions in Singapore. The district also includes lifestyle amenities and a transport hub connected to Woodlands North MRT and the Johor Bahru-Singapore RTS Link, helping businesses capitalise on the Johor-Singapore Special Economic Zone (JS SEZ). Taiwanese technology group FIC Global has committed to opening its regional innovation and supply chain centre in Woodlands Gateway, while maintaining its manufacturing base in Johor. The first phase of Woodlands Gateway is expected to complete in 2030.
BUY (Maintained)
Current price:
Target price:
Upside:
S$2.08
S$2.93
+43.8%
Analyst
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
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